As cities across the country look to address persistent office vacancies and housing shortages through adaptive reuse incentives, New York City was highlighted as one of the nation’s leading markets for office-to-residential conversions.
Among the projects spotlighted was RXR’s transformation of 5 Times Square. The project will convert the former 1.1 million-square-foot office tower into a 1,250-unit residential community. Supported by New York City’s office conversion incentive programs, the redevelopment underscores RXR’s leadership in reimagining underutilized office assets and helping meet the city’s growing housing demand through one of the largest conversion projects in the country.
Commercial Property Executive Article
